Financial Tribune - In line with efforts to deepen the localization of auto parts production, 175 projects have been launched by Iran�s major carmaker Iran Khodro (IKCO), the company�s CEO said.

Farshad Moqimi said the projects are expected to slash demand for auto parts imports and curb capital flight by �246 million, the automaker�s website Ikcopress.ir reported.

To accelerate the projects, IKCO entered into an agreement with Iran�s Tejarat Bank during a Thursday event to support small- and medium-sized domestic auto parts producers.

The projects include the production of a large number of key parts for passenger and commercial vehicles, and would hopefully supply IKCO auto production lines.